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Saudi Arabia announced on Monday its decision to continue its voluntary cut in oil production by 1 million barrels per day (mb/d) for another month.
The voluntary cut, which took effect in July, will also include the month of August, the country’s Energy Ministry said.
This will bring the kingdom’s oil production in August to 9 mb/d. The ministry warned of the possibility of further extensions.
According to the MoE, the extension of the voluntary cut will reinforce the efforts of OPEC+ countries to maintain stability and balance in the oil markets.
Russia ����
Pledges to Reduce Oil Exports in August After Saudi Extends Voluntary CutThe statement came shortly after Saudi Arabia, a key ally of Russia in the OPEC+ group, said it will extend its voluntary production cut of 1 million barrels a day through August.
“Russia will… pic.twitter.com/0hajXt5o2v— SANTINO (@MichaelSCollura)
July 3, 2023
Last October, OPEC+ agreed to a production cut of two mb/d starting in November.
Following a meeting on June 4, the alliance announced an extension of its agreement until 2024 and a reduction of its overall oil production target by 1.4 mb/d from next year.
OPEC+ countries are members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
